China-US Leaders set economic and trade deals

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Chinese and US firms signed over 250 billion US dollar business deals on the sidelines of Donald Trump's state visit to China last week. The deals between the two countries cover multiple sectors, including energy, technology, and aviation.

Yu Jianhua, China's vice minister for commerce, interpreted what these economic and trade achievements mean for China and the US on Monday.

Yu told the reporters that China and the US should provide a sound bilateral trade policy environment to one another and create a better investment environment for businesses from both sides.

In the energy sector, the US-China deals announced last week include shale gas and liquefied natural gas projects.

The world’s largest power company China Energy Investment Corporation will invest 83.7 billion US dollars in shale gas and chemical manufacturing projects in West Virginia.

Moreover, China's biggest state oil company Sinopec and the Alaskan government will jointly develop the state's liquefied natural gas industry. According to China's Ministry of Commerce, this project will create around 70,000 jobs in Alaska, and reduce 80 million tons of carbon dioxide emissions in China.

“It's a great breakthrough for Chinese companies to invest in energy industries in the US. It means the US government has softened their energy policy,” Yu said.

Mentioning the current trade relations between US and China, Yu said that trade friction is unavoidable between the world’s two largest economies. “However, what we need is rational dialogue between the two countries, instead of trade protectionism,” Yu added.

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